Well as you suggested - a low ball offer. I am with you. I purchased into TGR many years ago around $1.80 then they went into the high 3's and I sold. Just wasn't sure they were as financially strong. Then they moved quickly into the $4's and Huon was listed as well. I wasn't prepared to climb back in. In part it is my fear of a company with one primary product and one region of operation. My past was in turnarounds and overheads are just that, you need something to pay them.
In August 2019 they entered the prawn market and raised over $100 million at $4.40.
I re-entered in 2020 around the $3.50 mark and was happy as I thought that the company was setting itself up for a long period of slow growth. I expected the share price to lag the progress. I expected the dividends to lag what I expected but that over time I would be getting a great income generating asset. Not many of those left in Australia ...
So they pay us $4.85 or even $5.85 - it is now far more de-risked as an asset. Two sources of income - many locations of operations.
I just think that in a decade this will be a couple of multiples of the offer now.
Really think FIRB are totally asleep at the wheel. I wasn't happy with the Huon sale (not a shareholder there) and really this would just be another asset being given away by short-term thinking. The 6 month reporting cycle keeps coming home to bite me. Harder to make real money unless you like the casino exploration stocks.
Hopefully a group of investors with skills will educate the masses to see what they are losing for a very short term gain. Maybe time to phone AF but he also likes taking things off the market and keeping it for a select few it seems.
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